Copper Global Market Report 2024

The copper market size has grown strongly in recent years. It will grow from $166.25 billion in 2023 to $179.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The expansion observed in the historical period can be ascribed to factors such as the electrical and electronics industry, the construction sector, the manufacturing of industrial machinery, automotive production, and infrastructure development.

The copper market size is expected to see strong growth in the next few years. It will grow to $240.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to the transition to renewable energy, the increasing demand for electric vehicles (EVs), urbanization, growth in the construction sector, expansion of 5G networks, and the global economic recovery. Prominent trends expected in the forecast period include the utilization of copper in antimicrobial applications, initiatives for supply chain resilience and diversification, the promotion of copper recycling, innovations in copper alloys, as well as the volatility of copper prices and market speculation.

The surge in the copper market is attributed to the increasing number of construction projects in rapidly developing nations such as China and India, driven by population growth and infrastructure demands. Population, denoting the total number of inhabitants in a country or region, plays a crucial role in this trend. Copper minerals and ores are present in both igneous and sedimentary rocks. As of June 2022, with China's population reaching 1,450,341,718, the expanding populace is a key factor propelling the growth of the copper market.

Anticipated growth in the copper market is fueled by the increasing popularity of electric vehicles, especially in the context of rising sales in countries such as China and India. Electric vehicles (EVs), relying on electric motors for propulsion, utilize copper for various purposes such as enhanced performance, efficiency, sustainability, energy storage, charging infrastructure, durability, weight reduction, and minimal energy loss during power transmission within the vehicle. Notably, according to the International Energy Agency's data from July 2023, global sales of electric vehicles nearly doubled to 6.6 million in 2021, underscoring the impact of this trend on the copper market.

Copper industries are adopting autonomous drilling systems to improve safety, efficiency, and productivity. This technology enables precise identification of drill locations and more effective drilling of production blast holes through advanced leveling technologies.

Innovations in the copper market include the development of recycled copper tubes by major companies aiming to gain a competitive advantage. Recycled copper tubes, sourced from post-industrial materials rather than newly mined copper ore, offer a sustainable alternative. For example, in March 2023, Germany-based Wieland-Werke AG introduced "Cuprolife," a sustainable option for the building sector. Utilizing a mass balance technique, Cuprolife tubes, constructed entirely of pure copper Cu-DHP, are flexible, easy to install, and suitable for applications such as solar systems, heating, gas, liquid gas, heating oil/biofuel oil B10, and household hot and cold water delivery. This environmentally conscious innovation aims to mitigate the adverse environmental effects of copper manufacturing and promote sustainability in the industry.

Major companies operating in the copper market report are Glencore PLC, BHP Billiton, Rio Tinto Group, Vale S.A., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Co. Ltd., Freeport-McMoRan Inc., Codelco, MMC Norilsk Nickel PJSC, Grupo México, Teck Resources Ltd., Newmont Corporation, Southern Copper Corporation, First Quantum Minerals Ltd., Antofagasta PLC, Seacube Containers LLC, Jiangxi Copper Co. Ltd., Lundin Mining Corporation, Kaz Minerals PLC, TRITON International Ltd., Hudbay Minerals Inc., Capstone Copper Corp., KGHM Polska Miedz S.A., CAI International Inc., Textainer Group Inc., Seaco Global Holdings Corp., Ero Copper Corp., Copper Mountain Mining Corporation, Florens Containers Inc., Beacon Intermodal Group LLC, Sumitomo Metal Mining Co. Ltd., Boliden AB.

Asia-Pacific was the largest region in the copper ore mining market in 2023. The regions covered in the copper market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the copper market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The copper ore mining market includes revenues earned by entities by building construction, transportation, electronics and consumer goods. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories of copper ore mining are associated with the refining industry, metal processing industry, chemical industry, and various other types. The refining industry pertains to the production and distribution of oil and oil products. Mining methods include both underground mining and surface mining.

The copper market research report is one of a series of new reports that provides copper market statistics, including copper industry global market size, regional shares, competitors with a copper market share, detailed copper market segments, market trends and opportunities, and any further data you may need to thrive in the copper industry. This copper global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.